19again Posted November 19, 2012 Report Share Posted November 19, 2012 http://www.autoweek.com/article/20121119/CARNEWS/121119820?utm_source=DailyDrive20121119&utm_medium=enewsletter&utm_term=article1more&utm_content=20121119-Keeping-Shelby-alive&utm_campaign=awdailydrive Great read! Enjoy Link to comment Share on other sites More sharing options...
shel-b001 Posted November 19, 2012 Report Share Posted November 19, 2012 Great Article Thanks for sharing Link to comment Share on other sites More sharing options...
twobjshelbys Posted November 19, 2012 Report Share Posted November 19, 2012 Great!!! Some interesting info for us stockholders Link to comment Share on other sites More sharing options...
ingram4868 Posted November 20, 2012 Report Share Posted November 20, 2012 Nice article Link to comment Share on other sites More sharing options...
jerseygator Posted November 20, 2012 Report Share Posted November 20, 2012 Absolutely fantastic read.... John Luft is the man! And I do feel the Shelby Brand is safe and sound. Link to comment Share on other sites More sharing options...
gt350lp Posted November 20, 2012 Report Share Posted November 20, 2012 Cool....Thanks.... Link to comment Share on other sites More sharing options...
stephen_becker Posted November 20, 2012 Report Share Posted November 20, 2012 I just received this from the SEC - Dear Mr. Becker: Thank you for contacting the U.S. Securities and Exchange Commission. Your email to the SEC expresses your concerns that Carroll Shelby International (CSI) is not providing you with current financial information despite your requests that it do so. As you may be aware, only entities registered with the SEC must comply with SEC regulations requiring them to make financial disclosures when their securities are initially sold and then on a continuing and periodic basis. Moreover, an issuer can terminate or suspend its reporting obligations under the Securities Exchange Act of 1934, by filing a Form 15 when conditions specified by SEC regulations are satisfied. From our review of the SEC's EDGAR database, it appears that CSI terminated its registration with the SEC as of December 17, 2004. CSI elected to terminate its registration under Rule 12g-4(a) which allows a company to terminate its registration if it has less than 300 shareholders. The Form 15-12G filed by CSI indicated that it had approximately 111 shareholders of record at the time of the deregistration. You can access filings on our EDGAR system by going to http://www.sec.gov/cgi-bin/srch-edgar. It does appear that CSI trades on the Pink Sheets trading system, which does not require companies whose securities are quoted upon its systems to meet any listing requirements. With the exception of a few foreign issuers, the companies quoted in the Pink Sheets tend to be closely held, extremely small and/or thinly traded. Most do not meet the minimum listing requirements for trading on a national securities exchange, such as the New York Stock Exchange or the Nasdaq Stock Market. Many of these companies do not file periodic reports or audited financial statements with the SEC. A search of www.pinksheets.com for CSI reflects that the Pink Sheets has issued a "Stop No Information" warning, which indicates that CSI is not able or willing to provide disclosure to the public markets - either to a regulator, an exchange or OTC Markets Group which operates the Pink Sheets. Companies in this category do not make current information available via the OTC Disclosure and News Service, or if they do, the available information is older than six months. OTC Pink No Information includes defunct companies that have ceased operations as well as 'dark' companies with questionable management and market disclosure practices. Publicly traded companies that are not willing to provide information to investors should be treated with suspicion and their securities should be considered highly risky. Sincerely, Rinell Randolph Attorney Office of Investor Education and Advocacy U.S. Securities and Exchange Commission ------------------------------------ orig inquiry below File Attachment: Correspondent Name: Mr. Stephen Becker Create Date: 10/31/2012 Origin: Web File #: HO::~00258746~::HO Description: I have requested, many, many times, via email and phone, current finanical information on this company that I own over 100,000 shares of stock in. The cfo of the company refuses to release anything to me even though I am a shareholder that has major concerns about the company. I am looking for the sec to advise & assist me in obtaining the requested finanical information that all publicly heald and bought/sold companies should be providing to its shareholders ref:_00D30JxQy._500a0QGwuI:ref Link to comment Share on other sites More sharing options...
stephen_becker Posted November 20, 2012 Report Share Posted November 20, 2012 The reason I went to the SEC ................... From: stephen becker [mailto:stephenbecker@bellsouth.net] Sent: Thursday, November 01, 2012 9:17 AM Subject: FW: Financial Information Request SAI refuses to give out any financial info on their publicly traded company SGB From: stephen becker [mailto:stephenbecker@bellsouth.net] Sent: Wednesday, October 17, 2012 12:44 AM To: 'Keith Belair' Cc: 'Neil M. Cummins (mncassoc@aol.com)'; 'Joe Conway (jconway@carrollshelbyent.com)'; 'John Luft'; Michael Brewer (mbrewer@brewerlawyergroup.com); Beverly Bickel (bbickel@brewerlawyergroup.com); Jannette Astorga (jastorga@brewerlawyergroup.com) Subject: RE: Financial Information Request Keith – According to your bio on SAI’s company website - QUOTE “…..in July 2008 and is responsible for the financial health of the company. His responsibilities include the management of all financial reporting, cash management, planning and administrative functions at Shelby American and Carroll Shelby International, Inc. (CSBI.PK) – the publicly traded entity. So based on the information (above & below) placed on SAI’s company website I again ask for these financial information documents that you are directly responsible for producing and that, so far, you have failed to share with me as a 100,000 share (+) stock-holder in CSBI SGB Keith Belair: Chief Financial Officer Keith Belair became the Chief Financial Officer of Shelby American, Inc., in July 2008 and is responsible for the financial health of the company. His responsibilities include the management of all financial reporting, cash management, planning and administrative functions at Shelby American and Carroll Shelby International, Inc. (CSBI.PK) – the publicly traded entity. He was tapped by the company to fill the position after serving as CFO at OpX Capital Partners, a venture capital group based in Beverly Hills, Calif. There he provided financial advisory services, such as mergers and acquisitions, for a broad range of companies primarily focused in the automotive markets. Prior to his work at OpX, Keith served as the CFO for XC Networks, the largest private cross border telecommunications company between the U.S. and Mexico. During his time with XC, Keith supported the company’s international operations including service contracts, network growth and product development. Previously he spent more than a decade in venture capital and automotive vendor finance, in addition to a five year stint in Tokyo, where he worked for a subsidiary of the Toyota family of companies. Keith has been a long-time muscle car and Shelby enthusiast. His passion for cars began as a 12-years-old when he fully re-built a Jeep CJ5 with his brother. From there his passion grew to racing, which even led him to become his neighborhood’s slot car racing champion. Today, however, Keith can be found behind the wheel of the latest Shelby Mustangs racing his way around the Las Vegas Motor Speedway track. Keith earned his Bachelor of Science-Finance from the University of Colorado at Boulder and his MBA from the Kellogg School of Management at Northwestern University in Chicago. From: Keith Belair [mailto:KeithB@ShelbyAmerican.com] Sent: Tuesday, October 16, 2012 11:50 AM To: stephen becker Cc: 'Neil M. Cummins (mncassoc@aol.com)'; Joe Conway (jconway@carrollshelbyent.com); John Luft Subject: RE: Financial Information Request Stephen: The documents you are requesting were not prepared by SAI. Keith Keith A. Belair Chief Financial Officer Shelby American, Inc. 702-942-7325 x107 (w) 702-538-1121 (m) keithb@shelbyamerican.com http://www.shelbyamerican.com/ From: stephen becker [mailto:stephenbecker@bellsouth.net] Sent: Tuesday, October 16, 2012 7:23 AM To: Keith Belair Subject: RE: Financial Information Request Importance: High 3rd request for information (below) Please reply immediately SGB From: stephen becker [mailto:stephenbecker@bellsouth.net] Sent: Sunday, September 02, 2012 3:17 PM To: Keith Belair (KeithB@ShelbyAmerican.com) Subject: Finanical Information Request As a long-time stockholder in CSBI I am requesting the following finanical information: 10-k for the last 4 years (2008, 2009, 2010 & 2011) and 10-q for first 2 quarters of 2012. Please provide via email and hard copies to my home as well 125 Bellacree Road Johns Creek, GA 30097 Thank you Stephen Becker 2012 is Shelby American's 50th Anniversary Celebrating 50 years of High Performance Visit http://www.Shelby50th.com for details No virus found in this message. Checked by AVG - www.avg.com Version: 2013.0.2741 / Virus Database: 2614/5834 - Release Date: 10/15/12 Link to comment Share on other sites More sharing options...
ageishecker Posted November 20, 2012 Report Share Posted November 20, 2012 So what's your point? Link to comment Share on other sites More sharing options...
glhs107 Posted November 21, 2012 Report Share Posted November 21, 2012 I would think his point is that as a shareholder he would like to see past and present financial statements from the company that he has made a financial investment. Not an unreasonable request...outside of any legal ablgations for sai to do so ...the question I ask is why is there an issue of not granting the request? Link to comment Share on other sites More sharing options...
twobjshelbys Posted November 21, 2012 Report Share Posted November 21, 2012 Note that Becker is currently involved in litigation against SAI. There is not going to be a response I am also a shareholder. Not as much as Steve though. Stock is trading at about .20 depending on the direction of the wind. Link to comment Share on other sites More sharing options...
stephen_becker Posted November 21, 2012 Report Share Posted November 21, 2012 The SAI (CSBI) stock price reflects shareholders belief in managements ability to run the company well Given the current trading price of anywhere from $ .06 to $ .20 cents, per share, clearly states they suck Link to comment Share on other sites More sharing options...
glhs107 Posted November 21, 2012 Report Share Posted November 21, 2012 Aware of the litigation which is why I mentioned the legal aspect for sai. Link to comment Share on other sites More sharing options...
Don JDWHSKY Theall 25695 Posted November 21, 2012 Report Share Posted November 21, 2012 Back to the topic - Ity was great and Thank You for sharing. Don Link to comment Share on other sites More sharing options...
Ford Fest Posted November 21, 2012 Report Share Posted November 21, 2012 Thanks for sharing the article. My only concern is the Shelby name will get diluted. I want the integrity to remain. The parts distribution aspect is a must as SAI will need to continue to grow revenue, but we want our cars to remain special and not easly reproduced by ordering parts. I didn't know who Luft was when I was at SAI a few weeks ago, but now I do. He was exactly as described in his business suit showing a few guys the new wide body. Link to comment Share on other sites More sharing options...
thewheelman Posted November 21, 2012 Report Share Posted November 21, 2012 Great article! Having met Luft and Patterson at the North American Auto Show in Detroit in January, I'm pleased for them to be at the helm of this organization. Cool guys, car guys, and I appreciate them both! Link to comment Share on other sites More sharing options...
stephen_becker Posted November 22, 2012 Report Share Posted November 22, 2012 From: http://legal.practitioner.com/regulation/standards_9_3_6.htm <td width="610" height="50" valign="center" "align="center""> Breach of Fiduciary Duty People in a position of trust or fiduciary relationship, such as officers, directors, high-level employees of a corporation or business, agents and brokers, owe certain duties to their principals or employers. Fiduciary relationships, which are by their very nature relationships of good faith, may involve a variety of obligations depending on the exact circumstances. Fiduciary duties require that the fiduciary acts solely in the best interest of the employer/principal, free of any self-dealing, conflicts of interest, or other abuse of the principal for personal advantage. Thus, corporate directors, officers, and employees are barred from using corporate property or assets for their personal pursuits, or taking corporate opportunities for themselves. More traditional fraudulent conduct, such as thefts, acceptance of secret commissions, and conflicts of interest also violate the duty of loyalty, and may be prosecuted as such in addition to or instead of the underlying offence. A breach of fiduciary duty is often easier to prove than fraud. The claimant does not need to prove criminal or fraudulent intent or the other elements of fraud. To prevail, the claimant must show only that the defendant occupied a position of trust or fiduciary relationship as described above and that the defendant breached that duty to benefit personally. A breach of fiduciary duty claim is a civil action. The claimant may receive damages for lost profits and recover profits that the disloyal employee earned. In some instances, it may even be possible to recover the salary paid to the employee or agent during the period that the fiduciary was in breach of his duties. The claimant may recover profits earned by fiduciary even if the claimant did not suffer an actual loss. Fiduciaries who act carelessly or recklessly are responsible for any resulting loss to the corporate shareholders or other principals. Damages may be recovered in a civil action for negligence. Corporate officers who carelessly fail to enforce controls, or to pursue recovery of losses might breach their duty of care. Duty of Loyalty The duty of loyalty requires that the employee/agent acts solely in the best interest of the employer/principal, free of any self-dealing, conflicts of interest, or other abuse of the principal for personal advantage. Thus, corporate directors, officers, and employees are barred from using corporate property or assets for their personal pursuits, or taking corporate opportunities for themselves. More traditional fraudulent conduct, such as thefts, acceptance of secret commissions, and conflicts of interest also violate the duty of loyalty, and may be prosecuted as such in addition to or instead of the underlying offence. A breach of duty of loyalty is easier to prove than fraud. The claimant does not need to prove criminal or fraudulent intent or the other elements of fraud. To prevail, the claimant must show only that the defendant occupied a position of trust or fiduciary relationship as described above and that the defendant breached that duty to benefit personally. A breach of fiduciary duty claim is a civil action. The claimant may receive damages for lost profits and recover profits that the disloyal employee earned-in some instances, even the salary paid to the employee or agent during the period of disloyalty. The claimant may recover profits earned by the disloyal agent even if the principal did not suffer an actual loss. The claimant also may void any contracts entered into on its behalf that were the result of or were influenced by the employee's or agent's disloyalty. Duty of Care In English law one may refer to the duty of care concerning advising banks in documentary credit, architects, barristers, builders and contractors, dentists, employees in general etc. The law lays down the general rules which determine the standard of care which has to be attained, and it is for the court to apply that legal standard of care to its findings of fact so as to decide whether the defendant has attained it. The legal standard is objective; it is not that of the defendant himself, but which might be expected from a person of ordinary prudence, or person of ordinary care and skill, engaged in the type of activity in which the defendant was engaged. The courts are prepared to recognise also the professional standard of that duty when dealing with the professional activities. Fiduciaries who act carelessly or recklessly are responsible for any resulting loss to the corporate shareholders or other principals. Damages may be recovered in a civil action for negligence, mismanagement, or waste of corporate assets. Corporate officers breach their duty of loyalty if they accept secret commissions, engage in a conflict of interest, or otherwise are disloyal. Corporate officers who carelessly fail to prevent such conduct, or fail to enforce controls, or to pursue recovery of losses might breach their duty of care. Practitioner.Com: An Introduction to Corporate Regulation and Standardization Link to comment Share on other sites More sharing options...
Snake Handler Posted November 22, 2012 Report Share Posted November 22, 2012 Good article, thanks for sharing. Link to comment Share on other sites More sharing options...
shelbyeuropa Posted December 6, 2012 Report Share Posted December 6, 2012 I use to trade penny stocks ("Value USA" 250K at $0.75, "IPAC" 500K at $0.25, "PENCOM" 300K at $0.65, etc...) and have been burnt as they states how well the company is doing then bought out or take over and eventually bankrupt. I've also made money but not really on penny stocks and learn a lesson not to buy penny stocks. As I have mention in another topic on my concern of SAI (CSBI) I was looking at the stocks the next morning during the CS pasting and the stock went $0.25 to $0.30 then drop the next day. Not want I expected. I know how this sounds but I do not meant to be heartless I did not buy any SAI stocks. I believe that a company should be honest and truthful to their share holders and any deception may be a warning. As a Shareholder Mr Becker has all the rights to that information If the company file chapter 11 then all shares are hold and probably dissolved. And by the way I Love the Article. Link to comment Share on other sites More sharing options...
MY500SS Posted December 6, 2012 Report Share Posted December 6, 2012 Great read..............thanks for posting. Link to comment Share on other sites More sharing options...
ChicagoChris Posted December 6, 2012 Report Share Posted December 6, 2012 I bought a couple hundred CSI shares years ago at $.16 and had the certificate issued. The certificate is hanging in the garage with other Shelby related items. It cost about the same as the other Shelby related posters. Link to comment Share on other sites More sharing options...
Rev Dennis Posted December 7, 2012 Report Share Posted December 7, 2012 Great article. Sometimes a new broom sweeps cleaner than the old broom in certain areas, especially. Carroll was what he was, and great at it it. Hopefully the new management can take a more serious look at the business end of it. I bet they kind of had their hands tied while Mr Shelby was around. Link to comment Share on other sites More sharing options...
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